While Lauritz Knudsen and Mumbai Indians declined to comment on the financial terms, the deal is estimated to be worth about ₹40 crore a year, or ₹120 crore over three years, media industry insiders said, terming it the largest front-of-jersey sponsorship deal in the IPL. The franchise’s previous deal with fintech company Slice was for ₹30 crore a year.
Lauritz Knudsen, formerly known as L&T Switchgear and part of the Schneider Electric Group in India, aims to boost its visibility in the country through its association with the IPL team that is estimated to have a fan base of more than 50 million.
Experts say that this deal, which is effective the 2025 season, reflects the growing trend of high-value front-of-jersey sponsorship agreements in the IPL.
In 2023, Royal Challengers Bangalore signed a ₹75 crore three-year sponsorship deal with Qatar Airways.
In November last year, Rajasthan Royals extended its title sponsorship deal with Luminous Power Technologies for two years in an agreement worth over ₹40 crore, or over ₹20 crore per year — an increase from ₹15 crore in IPL 2023.”Front-of-jersey sponsorships in the IPL provide instant reach and mass awareness. Multi-year deals allow sponsors to integrate deeply into the franchise’s history and fanbase. From a delivery perspective, a front-jersey sponsorship offers upwards of ₹500 crore in broadcast value and positions the brand as synonymous with the team,” said Chintan Jhaveri, chief commercial officer of spots, entertainment and media consultancy ITW Catalyst 2.0.”The brand also gets integrated across all campaigns undertaken not just by the franchise, but also the IPL, broadcaster, and other franchise sponsors,” he added.
According to a recent Brand Finance report, the IPL’s brand value grew by 13%, reaching $12 billion in 2024, up from $10.7 billion in 2023.
Mumbai Indians reported ₹737 crore in revenue for FY24, marking a 106% increase from ₹358 crore in the previous year. After incurring a ₹49 crore loss in FY23, the franchise rebounded with a ₹109 crore profit in FY24.
The latest India Sports Sponsorship Report by GroupM ESP noted that India’s sports industry saw an 11% growth in revenue, reaching ₹15,766 crore in 2023. While TV advertising experienced a decline, higher revenues from digital ads and sponsorships compensated for the dip.
Sponsorship revenue grew by 24% to ₹7,345 crore in 2023, driven by strong growth in franchise fees, on-ground sponsorships, and team partnerships. The IPL alone accounted for over ₹3,000 crore in sponsorship spending across central, team, and franchise fees.
